Calculate inventory errors. (LO 8)
Ian’s Small Appliances reported cost of goods sold as follows.
| 200s | 2006 | |
| Beginning inventory | $130,000 | $ 50,000 |
| Purchases | 275,000 | 240,000 |
| Cost of goods available for sale | 405,000 | 290,000 |
| Ending inventory | 50,000 | 40,00 |
| Cost of goods sold | $355,000 | $250,00 |
I an’s made two errors:
1. 2005 ending inventory was understated by 95,000.
2. 2006 ending inventory was overstated by $2,000.
Calculate the correct cost of goods sold for 2005 and2006.
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